SPI Solar has obtained the rights to co-develop and construct 68 solar sites in Hawaii, which will total around 29MW and be developed across the islands of Oahu, Kona and Maui. The facilities will mostly be ground-mounted fixtures with some rooftop and shade structures built as well. All of the solar projects will feed into Hawaii’s utility power grids.
SPI noted that the agreement will also allow the company to pursue an additional 10MW of projects that are currently in the Hawaiian Public Utility Commission’s reserve queue. Furthermore, nearly all of the 68 solar sites meet the requirements of the Renewable Energy Tier 2 FiT offered by utilities such as the Hawaiian Electric Company and Maui Electric Company.
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The projects are approved for development and SPI plans to begin construction on the first project within the next quarter. “We are very pleased that we were able to secure Solar Hub Utilities rights to these projects at this stage of the development,” said Stephen Kircher, CEO for SPI Solar. “Taking on large portfolios of projects like this one aligns perfectly with our business model. We have already solicited offers for the entire portfolio of projects upon commissioning and have entered into a Letter of Intent with a very well-funded and respected buyer of solar projects. Each one of these 68 projects maps to our profitability objective and will provide significant contributions to revenue over the next 15 months.”
